Tuesday, January 6, 2015

What? How? I'm confused....

for my Money Savings Challenge resolution I once again went to Pinterest and got an idea, but I kept reading reviews that it had some flaws, so I decided to tweak it.

It's the 52 week Savings Challenge where the original plan is to put $1 in week one, $2 in week two, $3 in week three, and so on and so on......culminating with $52 in week 52. With a Grand Total of $1378.00.

You do not have to be a math whiz to figure out that in the month of December, you are going to be putting just about $200 in savings.

The success rate for this did not seem that high......

But I liked the idea of putting money away every week, so I thought about my options.

Option #1. Save $26 week and still end up with $1352.00

Option #2. Save every week, but have a low month, then have a high month and end up with $1378.00 and maybe a little more

I'm choosing option 2....and it will look like this...

Week 1 $1 Week 18 $10 Week 36 $20

2 $2 19 $11 37 $36

3 $3 20 $12 38 $35

4 $4 21 $44 39 $34

5 $52 22 $43 40 $33

6 $51 23 $42 41 $21

7 $50 24 $41 42 $22

8 $49 25 $13 43 $23

9 $5 26 $14 44 $24

10 $6 27 $15 45 $32

11 $7 28 $16 46 $31

12 $8 29 $40 47 $30

13 $48 30 $39 48 $29

14 $47 31 $38 49 $25

15 $46 32 $37 50 $26

16 $45 33 $17 51 $27

17 $9 34 $18 52 $28

35 $19

I promise there is a logic to this....

On odd numbered months, you build... 1,2, 3,4....

And on even numbered months it decreases 52, 51, 50, 49,.....

It ends up with some very easy months and a couple of heavy saving months, but they are spread out.

I hope to add extra on the light months and actually be ahead at the end of the year.

I also wanted to challenge myself on those $200 months and see if it is realistic in addition to my other savings that I do.

The plan for this money...

If everything stays on track and I do as planned financially this year, I will take half and add it to my Emergency fund and the other half will go towards travel/season tickets/fun for 2016.